Shrenuj Quarterly Net Profit Up 81%

Diamond and jewelry manufacturer Shrenuj & Co Ltd reported a significant increase in revenues and net profit during the quarter ended June 30, 2007. Revenues rose 24 percent to Rs. 2,286 million ($55.84 million) while the net profit shot up 81 percent to Rs. 81.2 million ($1.98 million).

The strong performance follows a revamping of the corporate structure through a series of associate and subsidiary company mergers and acquisitions.

The DTC Sightholder set up new companies outside of India, earlier this year it acquired U.S. based distributor Simon Golub & Sons Inc. for $22.7 million.

"We are currently piloting a few alternate distribution channels for our diamonds and jewelry and we believe that these new channels will ably complement our own distribution in 13 countries,” Managing Director Shreyas Doshi said.

Chief Financial Officer Vinod Shetye told the media that the company expects consolidated revenue to grow 30 to 35 percent a year over three years, driven by overseas expansion and retail growth.

The company is expected to expand its retail presence in India in the near future and is firming up plans to enter China as well. Shrenuj already has 10 outlets in Hong Kong.